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Accounting operations cover the procedures, materials and staff needed to record, process, initiate and report on financial transactions in a business. In a small business, the term might describe one accountant who handles all the money transactions. In a large corporation, it might cover managers, clerks and financial professions who work in specialized departments such as accounts receivable or payable.

Accountants and Auditors

Accountants compute and manage financial transactions, prepare tax returns, create financial reports and determine ways to cut costs and improve profits. Auditors ensure that a company’s financial process and procedures meet industry standards and comply with applicable government regulations. A bachelor’s degree is the minimum educational requirement for either position, though heads of financial departments might require a master’s degree. For positions that produce reports filed with the Securities and Exchange Commission, a Certified Public Accountant designation is necessary. The Bureau of Labor Statistics reports that in May 2011, accountants and auditors made a mean $31.65 per hour or $65,840 per year.

Accounting Clerks

Accounting clerks perform financial transactions and record the results, primarily using computer applications and databases. They receive and process payments, tally income and expenses, check transactions for accuracy, reconcile balances, and prepare checks for signing by managers and accountants. In a small organization, one clerk, known as a bookkeeper, might handle all accounting responsibilities. In large organizations, clerks might specialize accounts receivable or payable. A high school diploma is the minimum qualification because clerks are trained on the job by more experienced workers. As of May 2011, accounting clerks averaged a mean $17.37 per hour or $36,120 per year.

Financial Managers

Financial managers oversee all the financial concerns of an organization and supervise staff involved in accounting operations. They might help other departments with budgeting, analyze financial trends, prepare financial statements and advise management on financial decisions. Financial managers are also referred to as controllers, credit managers, treasurers and finance officers. Minimum requirements include a bachelor’s degree and at least five years experience in a financial positions such as a loan officer or financial analyst. Financial managers earned a mean $57.91 per hour or $120,450 per year in 2011.

Outlook

Most workers in accounting operations can look forward to decent job growth from 2010 to 2020, according to the BLS. It expects a 16 percent growth rate for accountants and auditors during the decade, 14 percent for accounting clerks and 9 percent for financial managers. Economic growth, a rising population and stricter financial reporting regulations will drive much of the demand. The best opportunities will be for those with advanced training and designations from professional organizations.

About the Author

Aurelio Locsin has been writing professionally since 1982. He published his first book in 1996 and is a frequent contributor to many online publications, specializing in consumer, business and technical topics. Locsin holds a Bachelor of Arts in scientific and technical communications from the University of Washington.